This study analyzes investors' perception of placebic information and its impact on stock price estimates. We initiate … show that placebic information increases the perceived amount of relevant information. Individual participants …' characteristics, such as gender, financial knowledge or overconfidence, do not affect these findings. Placebic information does not …

efficiency-enhancing knowledge diffusion, which can be exploited by local firms to extract relevant information on consumer … exploit the new information and increase the overall efficiency level of the local economy. More specifically, we examine …